Reformation created a 30-minute video spoofing a scene from The Big Short to attract investors ahead of its planned initial public offering. The brand aims for a $1 billion valuation and a July 30 listing.
The video features a model in a bathtub explaining the company's financials, growth plans, and use of technology, data, and AI. It draws on Reformation's signature playful style, with lines about “sexy math” and the tagline “Being naked is the #1 most sustainable option. We’re #2.”
Executives highlighted customer loyalty, with nearly 70% of 2025 direct-to-consumer revenue from returning buyers. Revenue exceeded $500 million last year, up from $205 million in 2021. The company also stressed its sustainability efforts and tech tools such as the Retail X changing room system.
On Monday the brand confirmed plans to price 14.1 million shares between $15 and $17 each to raise $239.1 million. Chief executive Hali Borenstein said the company will continue to use data, analytics, and AI to improve operations.
